Following the meeting of the International Accounting Standards Board (IASB) on 20 and 21 July 2021, the IASB has updated its work plan.
26 October 2021
Keywords: Mazars, Thailand, IFRS 13, IASB, IAS 19
This is available here.
Aside from a few tweaks to the milestones for certain projects, the main change is the extension of the comment period for the exposure draft entitled “Disclosure Requirements in IFRS Standards – A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)”. The comment period was originally scheduled to end on 21 October 2021 but has now been extended to 12 January 2022.
Readers will remember that the IASB’s objective is for entities to provide more useful information to users of financial statements. The exposure draft sets out:
- firstly, a new approach to complying with disclosure requirements, which will serve as guidance for the IASB when developing individual standards;
- and secondly, proposed amendments to IFRS 13 and IAS 19 resulting from the application of the new approach to these two standards, which were identified as priorities by the IASB.
As noted by the IASB, the unusual length of the comment period is fully justified by the unique and ground-breaking nature of the proposals, which require preparers to make use of judgement to determine what information is necessary to meet the overall disclosure objective and the specific objectives set out in a given standard. In particular, the IASB hopes that the extension to the comment period will allow preparers test out and comment on the practical application of the exposure draft.